Under the deal, completed Thursday, two Kemper insurance companies become Zurich Kemper Life Insurance Cos., and Kemper Financial Services Inc. becomes Zurich Kemper Investments. In the $2 billion transaction, announced in May, Kemper Corp. of Long Grove became 80 percent-owned by Zurich Insurance and 20 percent-owned by Insurance Partners LP of New York.

"We now will concentrate on returning the businesses back to an activity level that there used to be a few years ago, before the acquisition turmoil around them," Huppi said.

In a telephone interview in Chicago, he said marketing budgets for both units will be beefed up and added that he foresaw no layoffs.

Sixty-five Kemper corporate positions were eliminated, but most of the employees were placed elsewhere in the company.

As a result of the merger, he said, the rating of the Kemper life insurance unit will rise to A from B-plus.